VOE
What does VOE stand for?
Verification of Employment
What does VOC/VOH stand for?
Verification of cell phone/Verification of home phone
What does VOB stand for?
Verification of bank
How many courtesy extensions can we grant?
One.
What does TETC mean?
Too early to call
Would it be accepted as a VOE if I find customer's name in the company directory? Why?
Yes, because I confirmed the person works for that company.
When the customer calls in from the number on file but does not want to verify his SSN, do we take it as a verification of cell number?
Yes, because we verified the number on file belongs to the customer.
Why do we prefer not to receive "The Last 60 Day Transaction History"
Because that document can be manipulated easier.
Weekly customers are treated as....
Bi-weekly
What is the Finance Fee for a loan of $200?
$60
What should I do when an operator tells me that they only verify employments through the work number?
Notate it in the application, that way we don't keep calling that number.
If my supervisor requested me to only work day four apps, do I need to call home and cell number?
Yes, in any application we must call all number to make complete passes.
Mention 5 items that we verify from a customer's bank account.
(1) Account Number
(2) Routing Number
(3) Primary Account Holder
(4) Open and Active Checking Account
(5) Allows Unlimited ACH Debits and Credits
(6) Account Open for 60 days or more
(7)NSF's in the last 30 days
(8) Last 3 DD dates and Amounts
(9) Available Balance
How many direct deposits need to be verified for a Bi-weekly customer, so that we can be sure what the payroll frequency is?
The last three direct deposits.
We provided the T&C and ask the customer: Do you agree with the T&C?
He answers: Okay
Can we continue and approve the loan?
No, we must get a clear yes from the customer.
What can we do if a customer doesn't feel comfortable with us calling their job for a VOE?
We can explain them we won't provide any type of information and it will be done like if it was a personal call.
Where do I go when a customer requests to update the phone number on file?
We can update it in the red telephone shown in tran.com
What do we need to verify when the banker states that the customer is not the primary account holder?
We ask if he/she is the primary account holder.
What are the payroll frequencies accepted to approve a loan?
1. Weekly.
2. Bi-weekly.
3. Semi-Monthly.
4. Monthly.
How long can the dead air from the customer be?
Two minutes.
The employment verification is needed for 2 reasons:
1. Verify the customer is an active employee.
2. Try to get a hold of the customer.
Do we need to verify customer's phone number if he/she is returning?
If the customer paid the previous loan within the last 60 days, we just verify it is still a working number.
If the customer paid last loan in more than 61 days we need to do the VOC/VOH again.
What are the 4 options that we use in CAT to verify a bank account?
1. DL
2. IBV
3. Bank call
4. Last 60 day transaction history
Explain the four payroll frequencies.
Weekly - One specific day per week.
Bi-weekly - One specific day, every two weeks.
Semi-Monthly - Two specific dates per month.
Monthly - One specific date per month.
A returning customer is calling for a new loan. Why do we need to make sure that they will have access to internet connection and a computer?
Because if they are unable to sign the loan documents we won't be able to originate the loan and it will affect the conversation of that day.